Position Summary:
The Loan Operations Specialist is responsible for the accurate and timely processing, servicing, maintenance, and administration of commercial, consumer, and residential loan portfolios. This position manages loan transactions from initial processing through closing and ongoing servicing, ensuring compliance with lending policies, regulatory requirements, internal procedures, and service standards.
The role works closely with borrowers, loan officers, title companies, attorneys, insurance providers to facilitate efficient loan processing and accurate account administration.
Key Responsibilities:
Loan Servicing
- Maintain and service commercial, consumer, and residential loan accounts throughout the life of the loan.
- Process principal, interest, escrow, fees, payoffs, advances, payments, and other loan transactions accurately.
- Monitor loan payment activity, past-due accounts, maturity dates, rate changes, insurance requirements, and other servicing obligations.
- Process loan modifications, extensions, renewals, refinances, rate changes, payment changes, and other servicing requests.
- Prepare payoff statements and coordinate loan payoffs, releases, and lien satisfaction.
- Maintain accurate loan balances, payment histories, interest calculations, and account information.
- Research and resolve payment discrepancies, posting errors, customer inquiries, and account issues.
- Monitor and maintain escrow accounts where applicable, including taxes and insurance.
- Process construction loan draws in conjunction with third party inspectors and title companies
- Process commercial loan advances and other authorized disbursements when applicable.
- Track collateral documentation, closing exception items and other ongoing servicing requirements for loans.
Loan Processing & Closing
- Process commercial, consumer, and residential loan applications in accordance with established lending policies and procedures.
- Review loan documentation for completeness, accuracy, and adherence to approval terms.
- Obtain and/or verify required entity due diligence, collateral due diligence including insurance, title, and other supporting documentation.
- Coordinate with lenders, borrowers, attorneys, title companies, and other third parties to resolve documentation issues and satisfy closing conditions.
- Prepare and/or review loan documents, disclosures, closing packages, funding requests, and related documentation.
- Ensure approved loan terms are accurately reflected in loan documentation and servicing systems.
- Coordinate loan closings, disbursements, payoffs, and funding activities.
- Verify collateral, lien, title, insurance, and other required conditions before funding.
- Maintain accurate loan records and ensure documents are properly imaged and retained.
Customer & Relationship Support
- Serve as a knowledgeable point of contact for borrowers regarding loan payments, account activity, documentation, and servicing requests.
- Respond promptly and professionally to borrower inquiries while protecting confidential financial information.
- Work with relationship managers and lending teams to address customer needs and resolve servicing issues.
- Provide clear explanations of loan terms, payment activity, fees, and servicing procedures within the scope of the position.
- Escalate complex, sensitive, or delinquent account matters to the appropriate lending, credit, collections, or management personnel.
Compliance & Risk Management
- Ensure loan processing and servicing activities comply with applicable federal and state regulations, bank policies, investor requirements, and internal controls.
- Follow applicable requirements related to consumer lending, fair lending, privacy, disclosures, record retention, and loan servicing.
- Identify and escalate exceptions, documentation deficiencies, policy violations, and potential operational or credit risks.
- Maintain accurate audit trails and documentation for all loan transactions.
- Assist with internal and external audits, examinations, quality-control reviews, and compliance testing.
- Protect customer information and maintain confidentiality in accordance with company policies and applicable privacy requirements.
Systems & Records Management
- Enter and maintain accurate loan information in loan origination, servicing, document imaging, and other financial systems.
- Reconcile loan transactions and investigate discrepancies between systems and supporting documentation.
- Maintain organized electronic and physical loan files.
- Generate reports related to loan activity, delinquencies, maturities, exceptions, payments, and portfolio servicing as required.
- Identify opportunities to improve loan processing and servicing procedures, controls, and efficiency.
Qualifications:
- High school diploma or equivalent required.
- 2–5+ years of experience in loan processing and/or loan servicing.
- Experience with commercial, consumer, and residential lending strongly preferred.
- Knowledge of loan documentation, payment processing, collateral, title, insurance, and lending procedures.
- Strong understanding of financial transactions, loan calculations, and account reconciliation.
- Excellent attention to detail and organizational skills.
- Strong written and verbal communication skills.
- Ability to manage multiple loans, deadlines, and priorities simultaneously.
- Proficiency with Microsoft Office and financial/loan servicing systems.
- Ability to maintain confidentiality and handle sensitive financial information.
- Strong problem-solving and customer-service skills.
Work Environment & Physical Demands:
- Standard office environment with frequent customer interaction.
- Must be able to stand or sit for extended periods.
- Occasional lifting of loan files retention boxes up to 25 pounds.
- Periodic overnight travel may be required.
This job description is not intended to be all-inclusive. Employees may perform other related duties as negotiated to meet the ongoing needs of the organization.
Pay: $55,000.00 - $70,000.00 per year
Benefits:
- 401(k)
- Dental insurance
- Health insurance
- Life insurance
- Paid time off
- Vision insurance
Experience:
- Loan Servicing : 5 years (Preferred)
- Commercial loan processing or servicing: 2 years (Preferred)
Work Location: Hybrid remote in Decatur, MI 49045
